Impossible Foods Raises Another USD 300 Million

Lloyd Doyle
May 15, 2019

The round was led by existing investors Temasek and Horizons Ventures, with participation from Jay Brown, Kirk Cousins, Paul George, JAY-Z, Trevor Noah, Alexis Ohanian, Kal Penn, Katy Perry, Questlove, Ruby Rose, Phil Rosenthal, Jaden Smith, Serena Williams, and Zedd. We all know that some of the foods we grow and eat have impact on the environment.

"Impossible Foods has just brought in the largest fund-raising round for a plant-based meat company in history", said Executive Director Bruce Friedrich of Good Food Institute, a nonprofit that promotes plant-based meat and other products. Cows, for example, produce methane, which is a greenhouse gas.

"There's a lot wrong with our food system - from animal cruelty to antibiotic resistance to its contributions to climate change".

Plant-based meat and synthetic meat grown from cultures are seen as important technologies for feeding the world's growing middle class and fighting the erosion of natural habitat.

Silicon Valley's hottest new veggie burger startup, Impossible Foods, is beefing up its coffers with an additional $300 million in funding, including from A-list celebs like Katy Perry.

Impossible Burger has raised a total of $750 million since it launched in 2011 with a mission to eliminate the need for animals in the food chain over the next 16 years with a meat substitute that tastes like the real thing. The startup makes meat from plants, for the planet and your tastebuds.

Since launching in Singapore in March 2019, sales have increased in Asia more than three-fold. In it, Brown talks about overcoming the doubts of early skeptics (such as his wife), as well as acknowledging that it's a losing battle to convince most people that eating meat is bad. Impossible is sold in a wide range of restaurants and cuisines throughout Hong Kong, Singapore, and Macau.

David Lee, chief financial officer for Impossible Foods said: "We have cracked the molecular code for meat and built an industry-leading intellectual property portfolio and brand". The company is adding a third shift and a second full line of production to help increase its capacity this year. It plans to launch the Impossible Burger in retail outlets later this year.

The Impossible Burger is sold in 7,000 restaurants in North America and Asia, including Red Robin, White Castle and Qdoba. However, the burger already launched within restaurants back in 2016. "Impossible and Beyond both have a vision of a meat market that puts healthier and more sustainable products in front of consumers".

"The burgers "bleed, ' with Impossible using 'heme" - a protein created by its scientists through genetic engineering and yeast fermentation - and Beyond Meat using beetroot juice", writes Emiko Terazono for Financial Times.

Other reports by Iphone Fresh

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